African tradetech firm Norebase raises US$1m to scale
African tradetech company, Norebase, has secured US$1-million pre-seed funding round, co-led by Samurai Incubate and Consonance Investment.
According to a statement released by the company, this raise will help accelerate its plans to build a plug-and-play company incorporation technology, broaden its trademark registration technology stack, bolster its existing team and develop more research-led solutions.
Norebase said it is building Africa’s company and trademark platform “that simplifies the start and scale processes for businesses in the continent and beyond.”
Launched in September 2021, Norebase is focused on building a two-pronged platform that offers businesses access to the African continent as one big market while creating a channel where African founders can access the international markets.
According to Norebase, its platform provides a single point for start-up founders and entrepreneurs to register a company, get a bank account, get a virtual mailing address and even register a trademark and handle IP registration in any African country.
The company also launched Norebase Incorporation API, an API service enabling other companies to provide incorporation services to their own customers via their websites.
“By integrating with Norebase API, any company can provide its customer with a simple form, and the information filled on that form is automatically transmitted to Norebase to register a business on behalf of that customer. After incorporation, the business registration documents are also transmitted back through the API. Norebase API enables businesses such as banks, credit bureaus, payment processors, vendors and any company who interact with registered businesses to eliminate any drop-off point in their product process, and eliminate the need to wait for customers to leave their website/app to register a business before using the service. Companies can provide this additional service to their customers without incurring additional operational costs. Norebase’s Incorporation API is currently available for incorporating business in Nigeria, USA and Kenya with additional markets being added overtime,” Norbase explained.
Tola Onayemi, CEO at Norebase, said, “Norebase is building a future where starting a business or expanding a business in any African country is as simple as clicking a single button, and we are deliberately building the single digital infrastructure and technology tools that will power trade across the continent. Africa’s start-up space is rightly attracting the global business world’s attention as a region with enormous potential, and we are thrilled to connect new and existing businesses with the means with which they can scale their business in and beyond Africa more seamlessly. The rapid acceleration of innovation across Africa and the growing attractiveness of new markets requires the know-how of a smoother cross-border expansion experience, and our team is the best at this.”
The company has delivered 100% month-on-month growth in transaction volumes for the last six months, with a 40% M-o-M growth in revenue during the same period.
Onayemi continued, “We are delighted to be joined by a stellar roster of experienced and strategic investors, whose expertise will play a key role as we scale the Norebase goal of being partners for set-up, compliance, regulatory needs for both cross-border expansions and local markets. Given our global and Africa-wide ambitions, we consciously ensured our investors came from across Africa and the world .”
Rena Yoneyama of Samurai Incubate added, “It is truly impressive how Norebase is designing a future where every business and individual can experience Africa as one market. Their team comprises some of the best minds on the continent, helping simplify the complications of launching in any African market, and we are excited to be part of their growth journey.”
The Norebase team is leveraging a stack of technology to drive their cause: “Unlocking an era of Africa-wide prosperity by enabling anyone to do business easily in any African market”.
Africa’s combined GDP currently stands at US$3-trillion and is projected to reach US$29-trillion by 2050.
Norebase added that with over US$2-billion investment into the African tech start-up space, the company is well-positioned to support entrepreneurs, founders, and businesses to start and scale across borders seamlessly and reach Africa’s 1.2 billion people.
Sahil Lavingia (Gumroad) and Kinfolk VC also invested in this fundraise. The round also included participation from Future Africa, Ventures Platform, Microtraction, Boleh Venture, Voltron Capital, Wuri Ventures, Afropreneur, and angel investments from African tech ecosystem leaders Shola Akinlade (Paystack), Odunayo Eweniyi (Piggyvest), Adia Sowho (MTN Nigeria), Akin Oyebode, and Seni Sulyman.